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to go to president obama. 55 electoral votes in california. this is obviously a huge one. no surprise that the president wins california. also, right now, we can tell you that hawaii is also going to obama. nbc news projecting the president to win hawaii as well, another four electoral votes. listen to the crowds, carl. >> yep. >> another winning -- another winner on a close call in idaho. idaho is going to governor romney. governor romney wins idaho with four electoral votes. nbc news projecting mitt romney the winner there. >> couple of big states out of the pacific northwest as we continue to hear the crowds at democracy plaza. the state of oregon, too early to call. although nbc news is saying that the president, barack obama, does lead in the state of oregon. and washington state. nbc news projects that barack obama will take the state of washington. there are some cheers in democracy plaza. we'll go back to there as the map fills in as the night goes on. >> not really clear who the fan base is for because you're hearing the same kind of, you know, phrase for both obama and romne
money, your vote." i'm kelly evans. >> i'm ross westgate. these are the headlines. >> president obama rolls to re-election and a second term, defeating mitt romney despite a weak u.s. economy and persistently high unemployment. >> investors cheer obama's re-election. equities trading high led by autos and health care stocks. >> democrats keep their hold of the senate and republicans keep their control of the house. >> there will be a tough challenge facing the looming fiscal cliff. >>> a very good morning to you. it's been a long night, but we have a result. >> yes, we do. let's get right it to. president barack obama capturing a second term in the white house despite the struggling u.s. economy. he did manage to win many of the same states he took in 2008 and nearly all the critical swing states, including ohio, virginia, and colorado. speaking to supporters in chicago just a few hours ago, the president congratulated his republican challenger on the spirited race and said there's plenty of work ahead to fix the country's fiscal problems. >> i believe we can seize this future togethe
what matters if president obama is re-elected or not. the indecision over the outcome played out once again in today's quiet session. the dow gained 19 points. s&p rallied. nasdaq advanced 5.9%. tonight i want to show you what really matters, why they might go up or down independent of the election. don't worry, i'm going to give you some picks for an upset by governor romney, although i'm on record thinking it's most likely not going to go the governor's way. but i bow to popular demand. first up, let's figure out how stocks have really done under president obama and i'm going to use a prism that i haven't seen anybody else use, the five-year lookback. you cannot use the inauguration day as the starting point. there's too much priced in at that point. almost every stock is higher, so it's irrelevant. the s&p is up 75% from inauguration. we need to go back to when the great recession was just about to begin. it became clear the next occupant in the white house could be a democrat, proved my thesis that if obama wins, it might not matter the stocks nearly as much as you think. anyway,
pizza. 48 days until the biggest tax hike in the history of the planet earth. president obama put labor and local interest groups to who knows what. senate minority leader had the perfect response on the senate floor today please take a lis ebb. >> the amount of revenue that they are prepared to put usual over the cliff over wouldn't fund the government for one week. so why in the world would we want to do that? what is the point? to make people feel good about whacking somebody else. >> so what is your answer to what mitch mcconnel said? go after rich people. why do it at all? >> it is good to be with you. i think that the minority leader seems to have a math problem. ending the tax cuts for the rich is worth $1 trillion. i think our government spends a little less than $1 trillion. most people think it is $800 billion. this is a ten-year number. you are $80 billion a year. and this is a outside reach. a lot of guys like myself think you are not going to get it. let me ask you this, david, we have a weak economy, i know jobs are growing but they are growing weekly. what sense does it m
filled in red or blue expecept for a few, 237 electoral votes for obama, 191 for mitt romney, you need 270 to become president. now, what is the shortest path for mitt romney to overcome the swing state legion and get to 270 electoral votes? give mitt romney florida, virginia, north carolina, colorado. his shortest path is to win those states. he would win a majority of the nine swing states and that gets him to 275, 263 for barack obama. he also needs for that scenario to win the state of ohio. tyler mentioned the cleveland airport today. what -- now, let's go back to this map again, put the swing states again in yellow and say, what is barack obama's shortest path? he just needs to win three of the nine swing states, those three, wisconsin, paul ryan's home state, ohio, the state we have just been talking about and also nevada, big harry reid's home state, the senate leader, big union vote, big hispanic vote there. if he gets those three things, barack obama gets to 271 electoral votes and wins, tyler. >> but not any three of those nine states? >> specifically those three. >> specifi
votes for president obama, five for governor romney. back in 2008, president obama defeated john mccain 16-5. let's take a look at the map. 270 electoral votes are needed to win. nbc news now shows president obama with 237 likely. romney 206. and 95 in the toss-up column, so it is going to be a very long evening, andrew. >> i think we'll be staying up pretty late and then we'll be back at it tomorrow morning. but cnbc's team of reporters has the country covered this morning. stationed in battleground states, campaign headquarters and here at election central. among our guests this morning, house majority leader eric cantor, and then private equity pioneer and obama supporter alan patricof, outspoken republican ken langone, don peebls, and one of bush's right hand many, larry lindsey will be joining us. and then later today, a very special afternoon edition of "squawk box," we'll pick up election day coverage again at 5:00 p.m. so if you're sticking with us now, stick with us all day and the cnbc team will continue throughout the evening. of course you can take part in all of this by
for the first time five votes each for obama and five for romney. election coverage begins with a special edition of "squawk box" tonight at 5:00 p.m. eastern time followed by prime time coverage here on cnbc. jim will be a big part of this. >> i can't wait. a big night. i think that -- look, as maine goes so it goes. new hampshire, i don't know. when i look at all of the polls, i here it neck and neck. when i look -- this is why i believe it will be for obama. that's not a political statement by the way. what i'm saying is i look at the states and obama does factor plus or minus he's ahead except for virginia and maybe florida depends on the poll. i urge everyone to go out and vote in new jersey. very difficult. largest polling place in our town closed. no power. people have to recognize that the adversity of a lot of people trying to vote today shows you that democracy is trying to be at work. not as easy as you thought. >> i have always said voting is messy. we do it better than just about anybody else. >> north korea has the 99%. everybody seems to turn out. >> regardless of whether t
for good? we are learning that president obama wants more tax hikes than any would imagine. it's the second story. that moves us close to stalemate and recession. that's right. still not much talk about spending cuts. so tonight we have budget cutting hawk jeff flake, the senator-elect from arizona. then there's this -- >> watch out. they're stealing the hostess twinkies. >> watch this. here's your reward. >> thanks! >> the question is, will the union succeed in stealing the twinkies forever? the ceo of hostess speaks out and speaks to us about this subject. >>> first up, breaking news out of the middle east. at this hour, israel giving the green light to call up 30,000 reserve troops and is moving forces toward the gaza strip. this is war. this after tel aviv came under rocket fire attack for the first time in 20 years today. and where is president obama on all of this? let's get right to our special guest this evening. we have former assistant secretary of state rich williamson and syndicated radio talk show host john boutzer. how much injury they inflict on hamas? i want to know if the t
to be optimistic. neither taxes nor spending nor entitlements were solved today. in fact, president obama never even mentioned the word spending. the one thing we do know, your taxes are going up from an obama care tax attack. no matter what happens on the fiscal cliff. and is another bailout nation on the way? student loans up to $1 trillion, huge delinquency rates, default rates going sky high, no credit standards and sky high tuition. sound likes a real bad story to me. ceos have just wrapped up their meeting with president obama about the fiscal cliff and minutes ago john harwood landed a big fish. goldman sachs ceo lloyd blank finefein. >> the highlight of the meeting was the intensity from which the white house emphasized that marge al rates as a matter of math and politics have to go up somewhat, if not all the way to 31.6 had to go up and as p he said as a necessary ingredient of a deal, he would support such a rate. >> the president said we would pursue our own interests. i'm not -- i'm certainly not insisting, i don't even desire higher rates. i think there lab drag if revenue goes up
president obama was signaling today at his press conference that only a hike in the top bush tax rates will keep us off the fiscal cliff. by the way, that signal cost stocks 185 points on the dow. and because those tax hikes not only threaten future economic growth, they also include big penalties on capital gains, dividends and other forms of investment. plus, get this. the president wants a $1.6 trillion tax hike over the next decade. itself, a horrific number and begs the question, what is the government going to do with all our money? >>> and have you seen this video? in response to weeks of rocket attacks, israel gets their man with this missile attack on the military leader of hamas. now, israel is launching a full-scale ground attack on the hamas terrorists which are backed by iran, of course. by the way, this is all happening while we have no cia director here at home. >>> first up today, in his first news conference since being re-elected, president obama, with rhetoric sometimes reminiscent of his tax-the-rich campaign mantra, he appeared to dig in his heels on extending tax
where you are. but, president obama has made it very clear. he wants 1.6 trillion dollars of new revenues over the next ten years. okay. i would argue in order to get that number, he's going to have to raise tax rates, which the republicans don't want as well as put caps on tax deconductions or loopholes. so therefore we have a mess on our hands. >> not too much of a mess. i'm enjoying the show. we're talking about the tax rates going down to the clinton era. we're creating 3 million jobs a year. the economy is growing 4% a year. we take away a few of the tax loopholes. that sounds good to me. basically we have a lot of people running around like chickens with their heads cut off. the economy collapsed because the housing bubble burst. this is all loo loo land here and it is not enough to get worried about but it makes for good news. >> it makes for great news. i also, tim geithner says we can get a resolution of all of this in two weeks. but geithner insists that tax rates must go up. so do the democratic leadership. so speaker john boehner is going to be a lonely guy. >> i thin
and political breakthrough? then if president obama and john boehner can rise above and get a deal done for the fiscal cliff, there is a lot of money that could be made in stocks. and why shouldn't top military and business leaders maintain an honorable code of conduct? isn't it better to have a moral center? general david petraeus is a great man. but he made, unfortunately, a great mistake. first up, are we on the verge for american oil revolution? according to the international energy agency, the u.s. will overtake saudi arabia as the world's largest oil producer that before the year 2020. but -- don't get your hopes completely up as the epa could block this fantastic market-driven advance. nobody better to talk about it is john hofmeister. john, it is a pleasure to have you here. now, is it credible, first of all the report, we will overtake the saudis? >> report is credible. the iea is smart, good analysts. we have the reserves, no question we have the reserves. in the ground today. number two, we have the technology to get the reserves out of the ground. and number three, we have t
is to watch the dollar generally seen romney is better for the dollar. obama victory would mean a weaker dollar. so we see the dollar showing strength. whether that means markets are reading in to it or not, i don't necessarily want to think we can go that far, but we are seeing under 1.28 for the euro-dollar, 1.2796. shedding 0.1%. and this along with the other dallas crosses will be one to watch in the next about 48 hours and hopefully not too much longer than that. >> we are hoping we know in 48 hours exactly who the president is. cross our fingers on that. when we come back, as the northeast begins to recover from super storm sandy, the hardest hit regions are bracing for a possible nor'easter. this is the next phase. plus the final dash to election day. john harwood joins us with the latest poll findings. the new electoral map when "squawk box" returns. >>> let's take a quick look at us equity futures. just 24 hours before the big election. dow off 22, nasdaq, as well. bowieing and kuwaiti leasing company finalizing an order for max 8s, valued at $2 billion current list prices. the
obama will finally tackle the fiscal cliff in a delivered statement. we are going to get you the details. there's been a 400-point-plus selloff since the election. we could be staring at a dividend tax and a capital gains tax hike. superstar investor ken hebner tells us how to get through this period. >>> also, american drone and international airspace days before the election and kept secret until now. is that a coincidence? >>> and on election day, voters in two states allowed recreational use of marijuana. is this the gateway to liberals legalizing rampant drug use in this country? janine turner is going to join us. >>> within the hour, word that president obama will make a statement on the fiscal cliff and the economy at 1:00 p.m. tomorrow. the congressional budget office issued a new scenario of what happens if the president and congress fail to act. eamon javers joins us now with the details. good evening, eamon. >> reporter: good evening, larry. as you say, we're getting news tonight we're going to get dueling appearances tomorrow between speaker john boehner and president barack
there is to do and the future that lies ahead. >> president obama wins a second term in the white house but of course now the hard part begins. can he and congress agree on how to avoid the fiscal cliff just 54 days from now? good morning. welcome to "squawk on the street." i'm carl quintanilla with melissa lee, jim cramer, david faber. as you can see once again, down triple digits. a lot of news out of europe today as attention turns to greece and parliamentary vote there regarding austerity measures later on. democrats gaining seats in the senate. republicans maintaining control of the house. >> the issues that were a tossup are now certainties. we'll get cramer's take on how to align your portfolio right now. >> ecb president saying the euro crisis is hitting europe's strongest country. >> we're on storm watch in the northeast once again. airlines canceling flights with american airlines shutting down in new york this afternoon. >> of course we begin with last night's election. the president winning a second term defeating gop challenger mitt romney. it was battleground state ohio th
will mean for wall street. no more debates, no more rallies, at least for, what, two weeks. president obama and mitt romney will leave their fate in the hands of u.s. voters today after a long and bitter campaign battle. national polls show obama and romney in a dead heat. although the president seems to have an edge in ohio. and tracie potts joins us live from cincinnati, ohio in the wee hours of the morning there. when do polls open, how important is ohio, and when will we start to get a sense of the outcome? >> reporter: the polls here in ohio open at 6:30 eastern time. so we have about 2 1/2 hours. this is one of the polling places, a local church here behind me. however important is ohio? for months we've been talking about ohio really sort of being a bellwether state, ohio being the most important battleground state. and that's because ohio has a history of choosing presidents, particularly cincinnati where i am, it's been described as really the biggest swing part of one of the most important swing states. and in terms of when we may start to get results, the polls here close i belie
>>> good morning. decision 2012. president obama re-elected to a second term. republicans retain control of the house. while the democrats keep power in the senate. >> tonight, in this election, you, the american people, reminded us that while our road has been hard, while our journey has been long, we have picked ourselves up. we have fought our way back, and we know in our hearts that for the united states of america, the best is yet to come. >> we have left everything on our field. we have given our all to this campaign. i so wish that i had been able to fulfill your hopes to lead the country in a different direction. but the nation chose another leader. and so ann and i join with you to earnestly pray for him and for this great nation. >> investors say they've been waiting for this answer for months, after uncertainty that's been hanging over the markets. but what will the status quo in washington mean for stocks, bonds, currencies, and commod y commodities, and qe-3. but there's still the issues of that fiscal cliff. this morning, we're calling on leaders to solve this, to
sandy to score political points by endorsing barack obama? rudy giuliani will be our special guest. >> and why are politicians brow beating insurance companies in to how to run their businesses? it eats an attack on free market capitalism. >> a special edition of the "kudlow report" begins right now. >>> sandy, the road to recovery. the cost of sandy's destruction on the rise. gas lines stretch for miles. and so does the traffic jams. billions still without power. food getting scarce. nerves break. how past can we rebuild? tonight we look for answer. plus the markets rally and the reaction of a lifetime days away. this is a special edition of the "kudlow report." >>> hurricane sandy may be over, but tonight many in the northeast remain without basic needs. power, water, gasoline, and the road to recovery looks grim. here's what we know right now. total losses in sandy, now estimated to be $50 a billion. that according to a disaster modeling company. ranking it second only to hurricane katrina. the death toll from hurricane sandy leaves 92 across the usa. the number of that continue
. period. paragraph. as far as the spending cuts, they're not on the table. what have we heard from obama about spending cuts? we've heard that he wants to lower the cost of health care. what does that mean? obama care 2? does that mean just paying medicare and medicaid providers less? let's put entitlement cuts on the table, like they were on the table in july and august of 2011, when boehner and obama almost had a deal. let's just go back there. that's what boehner wants to do. what boehner said the day after the zbl the -- >> no, let me pick you up on that. that would be very bullish. i happen to totally agree with you. and that's exactly what speaker john boehner wants to do. that is precisely what he wants to do. essentially have tax reform and have entitlement reform and have it laid out so it it all gets done next year. this year is the down payment. >> that's right. >> now, don, is it too early, though, to make a bet on any of this? that's really what i'm asking. between now and year end, when the bush tax cuts expire at year end, what's a stock market investor to do? you're going
, profess of at the booth school of business and former adviser to president obama and ed lazear, former adviser to george w. bush. thank you for joining us. >> nice to be with you. >> great to see you both. let's start with the jobs numbers on friday. the last jobs report before the election. what do they tell us about america's economy today and what impact do you expect it to have on the election. austan? >> i don't think it will have much impact on the election because it's not that much different from the overall trend over the last year to 18 months. i think it was a fairly solid number but certainly better than what was expected and you got revisions on the jobs number itself. but overall, growth has been relatively modest in the u.s. and that's reflected in the jobs number. so this is an encouraging month but you never want to make too much out of any one month. >> i was surprised at the numbers. ed, what do you think? >> i think there are good things that each candidate can take out of it. obviously the fact that the unemployment rate ticked up is something that governor romney
clear message to president obama, which s oh, you think you know business, watch this. so now you're going to learn and you're going to learn real fast. a correspondence course is not going to help. we're going to be all over the place. my sense is until we get through with gridlock -- we had the federal reserve giving us all the money we needed. obviously markets like that. until we're convinced we're out of the woods with gridlock, i don't know where we can go. >> it's interesting. i think john boehner in that speech he made just a few minutes ago basically opened the door for higher taxes. this is part of the reason the mark sold off today. now we know the republicans are going to have to swallow it. they have been adamant about no new taxes, but this is where we are going. david, you say don't make any portfolio changes in light of the obama victory. what moves are you making today? no radical changes? >> we wouldn't be changing too much. the stocks that sold off today were some that were under the greatest pressure during the first administration. there's really no change. we
that was very premature about the fiscal cliff. we still see little or no movement on a deal. president obama might want higher rates and cap on reductions for more tax revenues. that could be a deal-breaker and the markets won't stand for long while nothing gets wrong. i don't want to be overly pessimistic. i'm trying to be realistic. i'm reporting what i'm hearing. but stocks did rise a bit on news after cease-fire between israel and whhamas. is israel snaf particularly when we know that palestinians and gaza may just rest unand rearm for the next round? >>> finally as you head out into the thanksgiving traffic, ask yourself where president obama still hasn't given the green light to the keystone pipeline that would give us jobs and energy n independence? now a truly bipartisan group of senators is telling the president to make a decision right now. first up this evening, this is the big question. will we get a deal done or might president obama just let us go right over the fiscal cliff, take the recession, and simply blame the gop? this is a serious question that i'm hearing from washingt
letting the tax cuts expire and bringing on a recession, i don't believe that bluff. president obama would become a herbert hoover with two recessions on his watch. he can't let that happen. obama did not be hoover. therefore the democrats cannot let all the tax cuts expire without a good deal. unfortunately the cliff talks have charities frightening. they're worried the deduction will be slashed. ivity a contrarian view about this that is going to surprise you on the charitable deductions. and if she wasn't already in enough hot water over the benghazi mess, there's a just breaking report out tonight u.n. ambassador susan rice has heavy jeismts in energy companies known for doing business with iran. and that is illegal. first up, breaking news on the fiscal cliff front tonight, president obama offered his opening bid in budget talks with republicans, and we have eamon javers with all the details. good even, eamon. >> house republican aides are saying this was a new offer from temperature think geithner on capitol hill for a long series of meegts. there were varying report of whether or no
up tomorrow's presidential election in this country. polls show the race between barack obama and gop challenger mitt romney to be a dead heat. on wednesday the greek parliament is due to vote on a package of austerity measures and then china's congress convenes for once in a decade leadership change. that's not evening mentioning ecb. there's been some that have said this is potentially the highest concentration of risk of the entire year. >> i heard this. it's embarrassing to hear. what's happened the whole time is there are managements that have made money during this period and managements that have failed and models that have made money and models that have failed. i spent a lot of time this weekend going over the last five years of stocks. what i find is that you have the ibms which delivered. moved from hardware to software model, consulting and hewlett packards that failed. when you do risk on and risk off, i'm an s&p trader. i trade the s&ps. forget individual stocks. if you want to play that game, fine. >> a lot of institutions play that game. not just hedge funds. a lot of
aoe going to take them out. you guys lost the election. president obama said he was going to raise taxes on the richest 2%. why is this a surprise? that is what happens at the end of the year. it is a little slow. we'll get over that. come january first, they will pass the tax cut for 98% of the people. >> i didn't think this was a mandate. i agree your man won. but jim, the basic deal was, okay, john boehner acknowledging what this was. putting this on the table and he said this a million times in return for some. modest reform. while the biggest stuff waits for next year. if the democrats say it is off the table and if harry reid is trading bars with mitch mcconnel, what is up here. senator durban said, it shouldn't be ps deal. i don't think there is a bar gain to be had. it is a win win for alabama. he is going to get the tax hikes or the rb ares will say no deal and he gets the tax hikes which is what he will prefer anyway. that is a big pot of money he can use for whatever he wants. they are still not going to be a deal. baker, democrats saying there is no problem with social
into the market heavily. not until then. >> okay. jeff, in the meantime, you believe with obama remaining in position that ben bernanke's job is safe for the foreseeable future and that is inflationary, yes? >> i think the fact that we've had inflation, core inflation, outside of core inflation, food and energy prices have accelerated in the obama administration. ben bernanke has failed to realize it as inflation. it's a big concern. now we're going to begin to see the acceleration of inflation based on the fact that now he has full reign. this is going to prove to be his show. >> how are you going to play that, jeff? >> we recently scaled back on gold, but i'm not long-term bearish on gold by any means. i believe we're going to get an opportunity to make money in gold. i built up a significant cash position. i missed a good part of the rally. at this point, i don't want to participate in this type of market, protecting against inflation. being in commodities makes a lot more sense. >> bill, let me say one thing quickly. jeff is exactly right, but don't forget, there's going to be a lot l
trends. >>> plus what will obama do about the looming fiscal cliff? we'll have plenty of analysis from commentators. >> and we'll hear first from the cfo of aliance. but first day two data suggested growth is picking up and inflation is moderating meaning beijing may have more scope to ease if necessary. ppi industrial output and retail sales all came in better than forecast. eunice joins us from beijing. i'd hate to suggest this is quite good timing for this data. very convenient. >> what are you suggesting? a lot of people are saying that the numbers are showing the economy is bottoming out and a lot of people do use the numbers as a guideline at least. they're saying the investment figures were encouraging. looking relatively strong. the government hasn't put up of much money in the infrastructure projects, so that's part of the equation here. other part is retail and consumption side actually look pretty good. numbers came in at 14.5% growth and that beat expectations. a lot of that was because people are buying more food as well as automobiles. now, the whole picture looks as thou
slow down our economy. >> president obama from his part came into the east room. he also drew a line, but the line he drew was not insisting on higher tax rates but on higher tax revenues. >>> i'm not wedded to every detail of my plan. i'm open to compromise. i'm open to new ideas. i'm committed to solving our fiscal challenges, but i refuse to accept any approach that isn't balanced. >> so, larry, balance is the key for president obama, not necessarily increases in tax rates. signs of conciliation on both sides and late this afternoon the bipartisan policy center which has been pushing for a simpson bowles-type solution said they were encouraged by the flexibility shown on both side says. john harwood, appreciate it and let's get reaction, and we have republican whip senator john kyl from arizona and senator kyl as always, sir, thank you for coming on and let me just ask you, is this a new era of good feelings and is this an era of compromise and is this an era of common ground, mr. kyl? >> kumbaya. well, we hope so and you focused on precisely the issue here and maybe from what the
obama promise, but some promises are made to be broken, and i think this is probably a good move. but first up congress back at work tonight after the holiday recess with now just 35 days to go. are we any closer to a tax and fiscal cliff fix? cnbc's own chief washington correspondent john harwood joins us now with all the details. good evening, john. >> reporter: good evening, laurie, and i think we are getting somewhat closer, and the white house would count it as good news that you found common cause with their report on the impact of fiscal spending. let's talk for a moment about what's happened on the fiscal cliff by the numbers since that early constructive meeting with the congressional leaders and the president. the numbers are all one. there's one month left for these leaders to figure it out. two, 1.4 it is is the amount to be shaved off by gdp and one is the amount of trillions of dollars that democratic aides, senior democratic aides tell me is necessary to get a deal wit end of the year with the remaining 3 trillion of savings coming in the early part of next year, a
of course, as we've been saying, president obama set to lay down his starting points on the fiscal cliff debate and what the economy needs to stay in recovery mode. a setting rich in theater coming just hours after the speaker of the house, boehner, made his case. >> indeed he did, ty. thank you. i'm sue herera, along with my partner tyler mathisen. john harwood and eamon javers are in washington as we countdown to the president's statement in a few minutes. we're hearing that the white house has invited congressional leaders for a meeting at the white house next week on the fiscal cliff. that seems to mean, john, to me anyway, a little bit of progress. what type of tone do you expect, john, the president to take in this next address? >> sue, i expect him to be conciliatory and reaching out to republicans the way john boehner has tried to strike that mode on capitol hill. two different white house specialists just told me the president will walk out here and announce he's invited the bipartisan leadership of congress to the white house next week to begin talks on the fiscal cliff. i have
the stage for a possible comeback. >>> and president obama meets with top u.s. lawmakers to begin budget talks as the fiscal cliff looms. both sides are digging in their heels on on tax hikes and spending hikes. against all of the political changes we're seeing today, first i want to show you the market action. stoxx 600 is sitting roughly flat, but we've seen interesting trading session where the nikkei really surging to the up side again today. more on that in a bit. take a look at what's happening across europe because after a couple of uglier days in the market, we're seeing something of a comeback now led by technology, retail stocks are also in the green, food and beverages, autos among the sectors dragging on the in-dek. we can take a closer look at the bourses. ibex is down. ftse 100 sam thing, so we'll keep an eye on all these levels as the show progresses this morning. the bond space is where we've been focusing our attention with spain and greece on. spain today seeing prices rise, yields coming down to 5.78%. italy seeing a bit of a rally, too. selloff for britain and bund oi
" begins right now. >> wall street ushers in another four years of president obama with a massive sell-off. dow down 295 at 12,951. nasdaq off 2.5% at 2,937. the s&p lower by 31 points, better than 2% there. gold and oil also moving lower. this is not helping things either. violence breaking out in athens once again. firebombs being hurled against police. greek parliament voting on new austerity measures. sue is live in the middle of the market mess downtown at the new york stock exchange. sue? >>> indeed i am. it was interesting what you did with gold there, ty. we had a huge gain in the gold market yesterday. lot of people were expecting more of a pullback. we're not getting that. just a little bit. on a day like this we're going to start with bob pisani here on the floor of the new york stock exchange. you know, we have the president re-elected but we still have the impasse in congress that he's going to have to deal with after this election. and that seems to be looming very large over this market. >> let me handicap this for you. 300 points down on the dow. hundred, hundred, hundr
. >> but if you believe that they anticipated an obama win, it shouldn't be a big shocker. >> the greeks did vote for what was necessary p. and we've had other things that seem more troubling hatching in europe over the past year that did not cost 300 points. so i don't know about the -- our friend ben white, wrote one thing about, wow, that's quite a reception for president obama. he couldn't let that tweet there for less than a minute before he said, i'm only kidding. it's not the president. >> he probably got completely piled on. >> he was like, no, i didn't really mean it it's europe, i know that. we all love president obama. anyway, time for the global market report. kelly evans is standing by in london. i'm not blaming you. you're in a little vacuum over there. it's the fiscal cliff over here. all those economies put together don't matter. >> no, joe, it's actually the fiscal of cliff over here, too. you'd be amazed how many times it's the first thing on everyone's lips. yesterday was one of the first times i've heard people both here and once the u.s. trading session got under way asking w
. obama wrote a budget that no democrat voted for, it was that silly. it claimed savings by not occupying iraq for the next 20 years. he won a mandate not to be romney. he did not win a mandate not to raise taxes and fix the economy. >> john boehner says we can cap deductions, probably produce $400 billion coming up pretty fast. no change in tax rates. so it is not a flat tax reform but no increase in marginal tax rates. can you and your pledge, with the pledge be okay with the bay nor plan to increase revenues by capping deductions? he has not endorsed raising taxes nor did he a year ago. if you eliminate deductions now, you have destroyed the opportunity for tarx reform a year ago. they are not available to reduce tax rates. >> so you are opposed to it. it is bad for the economy and it destroyed our effort to get tax reform down the road. >> i have talked to staff and remembers and they don't need to hear it from me, they know that lower marginal tax rates are necessary for growth and the only way to get the revenue to pay down obama's debt. >> help me out, in effect, is the plan to put
obama and john boehner. here's how we finished the day on wall street, near the highs. up 105 points. 12,983. we'll have technicians looking at this day, seeing if it's a key reversal. the s&p also in positive territory. market driven by headlines and bluster out of washington. yep, that's what investors should expect short term. maybe until january 1st. should they also expect a rally any time soon? according to ryan dieterich, rally could most definitely be headed our way. >> he joins us now to explain along with peter anderson from congress asset management company. bill mcvail from turner investment partners and our very own rick santelli. peter, i have to begin with you. with a name like congress asset management, is congress going to come through for your assets? >> well, i wish i had an inside scoop on that, but unfortunately, we're also left to speculate at this point. but i will say this. what's incredible about this market is the way the market moved up today, it's an instant polling network that the government can use, actually, to kind of float trial balloons to us and get a
to combine two into aobe. how the holiday fires up the price of gold. respect . >>> president obama meets with labor and progressive leaders at 11:30 eastern today to discuss how to avoid the looming fiscal cliff in january. the group includeses the presidents of the afl-cio and cie unions as well as the heads for center for american progress and the center on budget and policy priorities. president obama will also meet with business and civic leaders later this week before starting budget talks with top lawmakers on friday. congress returns from recess and it has just seven weeks to try to reach a budget deal. republicans say they're confident the two sides can come up with a compromise. >> the can at the time ceiling is the more important date personally than the fiscal cliff issu auscacious time and there's nothing quite as auspicious as the festival of light. indian consumers stock up on the precious metal undeterred by the expensive price tag, made pricier by a weak rupee. but that love affair may be counter productive for the country. >> gold is the best investment because they don'
begins today. president obama will be making a statement on the economy. he'll speak from the east room of the white house at 1:05 eastern time. you can of course catch all of it right here on cnbc. john boehner is also scheduled to hold a you news conference today, as well. st. louis fed president james bullard is saying the u.s. economy is strengthening. but he's cautioning that leaders must tackle the looming fiscal cliff. a conversation we can't get away from. speaking in missouri yesterday, bullard also says he doubts the central bank will extend a bond maturity extension program that expires at the end of the year. bullard is not currently a voting member, but he will ebb in 2013. and china's national congress continues with new leaders for the communist party set to be named later this morning. today a rising star said the party is moving towards requiring officials to their their assets. so an interesting piece in the chinese business press this morning. >> we have been talking about the fiscal cliff and -- >> we have? >> and yesterday somebody tweeted a new drinking game. every
the ever looming fiscal cliff. u.s. house speaker john boehner said he'd pursue a deal with president obama that would include higher taxes under quote/unquote the right conditions to help reduce the country's looming fiscal cliff. and just when new york city thought it was all over, a nor'easter has smacked the tri-state area overnight. dumping inches of snow over some of hurricane sandy's hardest hit areas. wind and heavy snow have brought down power lines and electrical wires and thousands who lost power because of the last storm just lost it all over again. the storm brought the city to a virtual stand still last night. clean up crews have been working, though, to remove snow and clear the streets. we'll keep you posted on how that is doing as we look forward to the u.s. market opening today. coming up next, though, china's new leader will soon be revealed as the communist party's 18th national congress gets under way, but what does the transition mean for relations with europe? >>> hu jintao calls on china's next leaders to stamp out corruption and nir row the income gap as the communi
live from chicago. this market selling off again today. the market down 5% since president obama was re-elected. add on to that a 200-point selloff today. the dow with a decline of 184 points on the session. that's 1.5%. s&p 500 also down about 5% since the president re-elected. down about 20 points today. nasdaq down 37 points today. that's 1.25%. today, many of the recent winners were the big losers. we have been seeing recently money moving into transportation stocks. today, they got killed. financials also under pressure and tech nothing on the downside. the market seeing red across the board as the fiscal cliff fears escalate today after the president takes a hard line in his news conference earlier this afternoon. joining me now to help break down the trading day and what you should be doing with your money, kwint, quint is joining me. we also have john buckingham of al frank asset management. thanks, everybody, for joining us. first, michelle, let me get your news, the latest on the attack out of israel on hamas. this, of course, another major news story today that we're followin
you, thank you so much. >> with the election on tuesday, just four days from now, president obama and mitt romney getting ready to weigh in on the jobs report. we'll bring you live coverage of each candidate's remarks. looking for a better place to put your cash? here's one you may not have thought of -- fidelity. now you don't have to go to a bank to get the things you want from a bank, like no-fee atms, all over the world. free checkwriting and mobile deposits. now depositing a check is as easy as taking a picture. free online bill payments. a highly acclaimed credit card with 2% cash back into your fidelity account. open a fidelity cash management account today and discover another reason serious investors are choosing fidelity. ♪ welcome to the world leader in derivatives. welcome to superderivatives. >>> welcome back to "squawk on the street." september factory orders hit the wires up 4.8%, a couple tenths better than expectations. and the august number was a big minus, minus 5.2 now 5.1. sow factory orders joins data that is better than expected. carl, back to you. >> rick
the world. european markets follow shanghai into the red. president obama holds a second ceo summit today at the white house, getting input from top business leaders on how the administration and congress can solve the crisis over, yes, the fiscal cliff. and origin tina's rating is slashed over five notches. we'll speak to a bondholder who once represented the country's creditors. >> you're watching "worldwide exchange," bringing you business news from around the globe. >>> as we get into the trading session here in europe, you can see behind me decliners outpacing advancers by about a 4-1 ratio, with stocks shedding about a third of a percent. we'll get to more of that shortly. first take a look at the forces individually to get a sense of where we're seeing the selling pressure and it is pretty much consistent. there's the ibex 35 down .7 of a percent. the ftse down about a third of a percent. not many green spots to find. yesterday we saw that rally in peripheral debt. today we're actually seeing firmer prices across the board, so whether the u.s. down there or italy and spain here in
. tokyo stocks end the week at a seven month high. plus president obama will take his case for tax hikes on the wealthy to the american people today as the war of words between democrats and republicans over the fiscal cliff heats up. >>> the trading session sitting roughly flat on the stoxx 600. decliners and advancers about even this morning. markets are trying to digest these comments from draghi. first, let's take a look at the bourses. s it is the last trading day of the month. just one left to go in this extraordinary 2012. ibex 35 appropriately enough is ending in the red today. other indexes showing a little bit of a rise here. we've seen spanish and italian debt come in sharply and the yields falling today. we saw the euro-dollar adding almost 0.3%s this morning. dollar-yen up two thirds of a percent in the light of perhaps japan may be getting moring a yes, sir sif on st ing a grefs saggressive on stim. let's get over to deidre wang morr morris. >> yes, the japanese data was good, but also the economy still stuck in deflation. hang seng down half a percent. we had pic stay in f
president obama's proposal which includes a $1.6 trillion tax increase, a $50 billion economic stimulus package and new power to increase the debt ceiling without congressional approval. the offer featured higher tax rates for households making over $250,000 a year. a one year postponement of the sequester and about $400 billion in savings over ten years for medicare and other entitlement programs. >> despite the claims that the president supports a -- >> thousand is the time fnow is republicans to move past the happy talk about revenues, ill defined, of course, and put specifics on the table. the president has made his proposal. we need a proposal from them. >> today president obama is taking his pitch on the road. he will be visiting the philadelphia suburbs employing campaign style tactics in hopes of mobilizing the public to his side. he'll be speaking at a manufacturing facility arguing that businesses it depend on middle class consumers over the holiday season. despite all this, you see the futures today indicating higher. dow up by about 35. does that surprise you guys? >> no, i
president obama and house speaker boehner had to say earlier today, it is clear that investors are not expecting a quick fix. look at the major averages, which are lower since the president spoke two hours ago. the dow is up ten points. it was up 78 at high. down 67 now, up to 12,822. the nasdaq powered higher today by apple. there it goes again. we'll talk about that in a little bit. up 15 points on the nasdaq now at 2910. the s&p 500 index is up about five points at 1382. the market certainly didn't like what the president had to say at 1:00 eastern time. the dow was in positive territory when he began speaking. as you can see from the chart, as the speech progressed, the dow started to fall. it did rebound a bit after the speech was over, but we have been heading lower again as we go into the final hour here. in today's "closing bell" exchange, dan mcmahon from raymond james is going to join us. also, john from gfi group. our senior economics reporter, steve liesman, and our own rick santelli. john, it is clear that the fiscal cliff has wall street's full attention right now
people. >> did you see this, obama is flexible on highest tax rates. >> administration official. white house officials later signaled that. he didn't signal it in anything he said. >> i spoke to a couple who were at the meeting yesterday, some of the executives, who felt, and this is like the implied feeling that he was now more willing to deal on the highest rate. >> did you hear anything about spending cuts or entitlement reform? >> two conversations are taking place. one if the public trying to get them behind you. the other is whether you're actually saying to the people you're negotiating with. and when you saw the signal, it was like, okay, maybe they'll get to that, i don't know, 37% or 500,000 or something. what we had been talking about two weeks ago. maybe that's where they're headed. stocks did gain ground on optimism around the idea that we could reach some sort of a deal to overt the fiscal cliff. the dow closing more than 100 points higher after being down by more than that during the session. a swing like that hasn't happened since october 2011. u.s. equity futures at th
. the averages are closing lower for a second straight day following president obama's re-election. a number of the names that moved on potential policy implications changed course today. financials were wednesday's biggest losers as fear of continued regulation under president obama sent investors elsewhere. the group is still negative overall on the session. it was one of the better performing sectors today as a number of banks are on the upswing. let's go through them. isi upgrading bank of america saying the bank has mtie capital ratios and lower operating costs. that's pushing shares up almost 2%. we're up as much as 2.5% minutes before the close. u.s. regulators approve jpmorgan's $3 billion stock buyback. that was lifting shares earlier. as you can see, finished lower with the rest of the group at the end of trade. hospital stocks did soar wednesday now that we know obamacare is likely here to stay. now hoptd names are selling off. down about 4% or more. those concerns about coal persisted in thursday's trade. they continued to slide lower as investors bet the president's re-election
president obama's news conference 30 minutes away. >>> that is a live picture of the white house, everyone. the president's news conference begins in 30 minutes from now. we will count you down every step of the way. fiscal cliff will obviously be one of the top topics this hour. brian sullivan, eamon javers, john harwood is working his way into the white house right now for that news conference. they are all gathered with me. brian, we're going to begin with you. >> this is a big day at the white house. this is a big week at the white house regarding the fiscal cliff, guys. and today, 12 top ceo are coming here to the white house to meet with the president, anything from walmart to duke energy to ursula burns of xerox and nine others. they will gather up, they will huddle up and exchange ideas to try to find a fix for the fiscal cliff. the question is, how much is the president willing to give on spending cuts, how much is the gop willing to perhaps give on tax increases and revenue enhancements, and what will the ceos say, ask and demand? eamon javers here also at the white house as we h
on wall street. corporate america had a strong message for president obama this week. ceos from more than a dozen of america's largest companies met with the president and warned that washington must reach a deal to avoid the fiscal cliff. the president also sat down with congressional leaders and officially began negotiations. if congress doesn't act, taxes on income, capital gains, dividends and estates will all go up. and automatic spending cuts will kick in, beginning on january 1st. this week, i spoke with alan simpson and erskine bowles, authors of a deficit reduction plan about what needs to be done. >> you can't tax your way out of this. you can't cut spending your way out of this. you can't grow your way out of this. so grab hold, it's going to be a rocky, rocky road. >> so you're saying closing the loopholes alone brings it to a trillion. >> if you're willing to wipe out all of them, and that may not be political feasible, but you can definitely solve the problem by broadening the base, simplifying the code and getting rid of the tax expenditures. >> it upsets me you're worried
ceos and the president over the fiscal cliff. reports today say obama wants 1.6 trillion in new taxes, two times what republicans were offered last year. is this whole negotiation going nowhere? >> cisco not only surprises the street with a beat but says the u.s. enterprise business is showing signs of improvement. >>> and abercrombie silences the shorts. >> the president is scheduled to meet with a dozen ceos this afternoon to hear their concerns about looming tax increases and spending cuts. 73% of participants in a "wall street journal" ceo council conference said the fiscal cliff is their primary concern. goldman chairman and ceo lloyd blankfein talking about the importance of avoiding the fiscal cliff. he writes there's more than a trillion dollars of cash that is sitting on the balance sheets of u.s. nonfinancial companies with certainty about tax rates, companies will increase their capital expenditures currently at anemic levels contributing to a virtuous cycle of jobs and growth." if there was a disagreement as to whether this is becoming a mainstream story. story of "usa tod
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